Filed by CleanTech Acquisition Corp.
pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: CleanTech Acquisition Corp.
(File No. 333-262431)
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Nauticus Robotics Announces Contract with Shell
for Autonomous Method of Subsea Operations
Q3 2022 Trial Slated After Successful Feasibility
Study with Nauticus Robotics’ Hydronaut and Aquanaut
Houston – August 4, 2022 – Nauticus Robotics, Inc.
(“Nauticus” or “Company”), a Houston-area developer of subsea and surface robotic services using autonomy software,
announced today it has entered into an agreement with Shell plc (“Shell”) (NYSE: SHEL) to advance to the qualification phase
for a more efficient means of acquiring subsea integrity data utilizing Nauticus’ Aquanaut and Hydronaut robotic platforms. This
collaboration will enable Shell to add an advanced tool to its subsea asset integrity management lineup with the potential to improve
subsea operations. Shell and Nauticus will collaborate with the industry’s leading inspection tooling service providers, leveraging
their expertise and technology to fully integrate into Nauticus’ robotic service solution.
An initial feasibility study for the phase-gated project was recently
completed, and the team now moves onto the operational qualification phase, which focuses on remote operations of the robotic duo using
supervised autonomy and tool control using Nauticus’ acoustic communication networking technology. The collaboration is targeting
the preliminary work required for an offshore pilot project.
“Working with a leading company such as Shell marks an exciting
milestone for Nauticus, and this collaboration further validates the superior capabilities and extensive use cases of our robots across
the energy sector,” said Todd Newell, SVP of Business Development at Nauticus. “Implementing our supervised autonomous method
– one that has proven more robust and dynamic than most of its kind – is expected to provide our partner and future customers
more than 50 percent cost savings compared to today’s methods of operation.”
This collaboration will utilize the Company’s flagship and fully
electric subsea robot, Aquanaut, which is deployed from Nauticus’ small surface vessel, Hydronaut – which is used for the
transport, recharge, and communication for Aquanaut, among other tasks. Together, this robotic pair will function as a unified solution
to bring a new means of conducting subsea work to the offshore services industry. Their inherent autonomous architectures will allow a
transition to far more autonomous operations over conventional solutions.
“An exciting aspect of this project is the opportunity to combine
the strengths of advanced inspection tooling with the advanced marine robotic capabilities developed by Nauticus Robotics,” said
Ross Doak, Deepwater Robotics Engineer of Shell’s robotics team. “This project aims to fundamentally improve how we collect
subsea facility data, through the combination of ‘AUV native’ tooling design, supervised autonomy, and recent improvements
in remote communications.”
About Nauticus
Nauticus Robotics, Inc. is a Houston-based developer of cloud-based
subsea robots, software, and services delivered in a modern business model to the ocean industry. Nauticus’ robotic systems will
be delivered to commercial and government-facing customers primarily through a Robotics as a Service (RaaS) business model but also include
direct product sales. This modernized approach to ocean robotics as a service has resulted in the development of a range of products
for retrofit/upgrading legacy systems and other vehicle platforms. Nauticus’ services provide customers the necessary data collection,
analytics, and subsea manipulation capabilities to support and maintain assets while significantly reducing their operational footprint,
operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.
On December 16, 2021, Nauticus and CleanTech Acquisition Corp. (NASDAQ:
CLAQ), a special purpose acquisition corporation, entered into a definitive business combination agreement that would result in Nauticus
Robotics, Inc. becoming a public company listed on the Nasdaq Stock Market LLC under the ticker symbol KITT.
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About CLAQ
CleanTech Acquisition Corp. is a special purpose acquisition company
formed in January 2021 with the purpose of entering into a business combination with one or more businesses. CleanTech Sponsor I LLC and
CleanTech Investments LLC, an affiliate of Chardan, are the founders and co-sponsors of CLAQ.
Important Information and Where to Find it
The proposed merger transaction announced previously involving CleanTech
Acquisition Corp. (“CLAQ”) and Nauticus. CLAQ has filed a registration statement on Form S-4 with the SEC, which includes
a preliminary proxy statement and prospectus of CLAQ, and CLAQ will file other documents regarding the proposed transaction with the SEC.
A definitive proxy statement/prospectus will be sent to the stockholders of CLAQ, seeking required stockholder approval. Before making
any voting or investment decision, investors and security holders of CLAQ are urged to carefully read the entire registration statement
and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments
or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed
by CLAQ with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by CLAQ
with the SEC may be obtained free of charge upon written request to CleanTech Acquisition Corporation, 207 West 25th Street, 9th Floor,
New York, New York 10001, Attention: Eli Spiro, Chief Executive Officer.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities
Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to
CLAQ and Nauticus. In some cases, you can identify forward-looking statements by the following words: “may,” “will,”
“could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions
that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements
that refer to expectations, projections or other characterizations of future events or circumstances, including projections of market
opportunity and market share, the capability of Nauticus’ business plans including its plans to expand, the sources and uses of
cash from the proposed transaction, the anticipated enterprise value of the combined company following the consummation of the proposed
transaction, any benefits of Nauticus’ partnerships, strategies or plans as they relate to the proposed transaction, anticipated
benefits of the proposed transaction and expectations related to the terms and timing of the proposed transaction are also forward-looking
statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance
or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of CLAQ
and Nauticus believes that it has a reasonable basis for each forward-looking statement contained in this communication, each of CLAQ
and Nauticus caution you that these statements are based on a combination of facts and factors currently known and projections of the
future, which are inherently uncertain. In addition, there are risks and uncertainties described in the proxy statement/prospectus on
Form S-4 relating to the proposed transaction, which was filed by CLAQ with the SEC and other documents which will be filed by CLAQ or
Nauticus from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained in the forward-looking statements. Neither CLAQ nor Nauticus can assure
you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject
to a number of risks and uncertainties, including, among others, the ability to complete the business combination due to the failure to
obtain approval from CLAQ’s stockholders or satisfy other closing conditions in the business combination agreement, the occurrence
of any event that could give rise to the termination of the business combination agreement, the ability to recognize the anticipated benefits
of the business combination, the amount of redemption requests made by CLAQ’s public stockholders, costs related to the transaction,
the impact of the global COVID-19 pandemic, the risk that the transaction disrupts current plans and operations as a result of the announcement
and consummation of the transaction, the outcome of any potential litigation, government or regulatory proceedings and other risks and
uncertainties, including those included under the heading “Risk Factors” in the final
prospectus for CLAQ’s initial public offering filed with the SEC on July 16, 2021 and in its subsequent quarterly reports
on Form 10-Q and other filings with the SEC. There may be additional risks that neither CLAQ or Nauticus presently know or that CLAQ and
Nauticus currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation
or warranty by CLAQ, Nauticus, their respective directors, officers or employees or any other person that CLAQ and Nauticus will achieve
their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the
views of CLAQ and Nauticus as of the date of this communication. Subsequent events and developments may cause those views to change. However,
while CLAQ and Nauticus may update these forward-looking statements in the future, there is no current intention to do so, except to the
extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of CLAQ
or Nauticus as of any date subsequent to the date of this communication.
![](https://content.edgar-online.com/edgar_conv_img/2022/08/04/0001213900-22-044593_image_001.jpg)
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy,
consent or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of CLAQ or Nauticus, nor shall there be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the
Securities Act.
Participants in the Solicitation
CLAQ and Nauticus and their respective directors, executive officers,
other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from CLAQ’s
stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants
in the solicitation of CLAQ’s stockholders in connection with the proposed business combination is set forth in CLAQ’s registration
statement on Form S-4, including a proxy statement/prospectus, which has been filed with the SEC. Investors and security holders may
obtain more detailed information regarding the names and interests in the proposed transaction of CLAQ’s directors and officers
in CLAQ’s filings with the SEC and such information is also in the Registration Statement filed with the SEC by CLAQ, which includes
the proxy statement/prospectus of CLAQ for the proposed transaction.
Nauticus Contact:
Todd Newell
SVP Business Development
Phone: (832) 577-8234
E-mail: tnewell@nauticusrobotics.com
For investor and media inquiries, please contact:
Gateway Group
IR: Cody Slach or Jeff Grampp, CFA
PR: Zach Kadletz
Phone: (949) 574-3860
E-mail: CLAQ@gatewayir.com
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